Replicating the YC seed funding model is fair game. What I find irritating (and btw I'm very keen to see more European start ups funded so I'm not outright attacking you for the sake of it) is that people replicate the easy parts without putting the effort into the hard parts of YC.
Easy parts = Getting money and an application form
Hard parts = Getting high profile speakers every week to talk with founders, putting together an investor day with the most high profile investors in the world, providing real mentorship, creating a supportive community.